FASB issued a revised proposal that would provide a comprehensive framework for classifying and measuring financial instruments. The Proposed Accounting Standards Update (ASU), Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, would require financial assets to be classified and measured based on the asset’s
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Accounting & reporting
IASB proposes interim standard on rate-regulated activities
The International Accounting Standards Board (IASB) proposed an interim standard Thursday that would allow entities to preserve their existing accounting policies for rate-regulated activities—with some modifications to enhance comparability—while the board considers whether it should develop specific guidance. Feedback from the IASB’s agenda consultation led the board to launch a
Golden to succeed Seidman as FASB chairman
Russell Golden, whose technical expertise as a FASB staff member led him to a spot on the standard-setting board in 2010, will succeed Leslie Seidman as FASB’s chairman on July 1. The Financial Accounting Foundation (FAF) announced Golden’s appointment Tuesday. FAF Chairman Jeffrey Diermeier said in a news release that
New FASB chairman Golden describes priorities
Russell Golden, who was named Tuesday to be Leslie Seidman’s successor as FASB chairman, said the board’s immediate priorities will include completing international convergence projects and ensuring that accounting standards for private companies are relevant. Golden, 42, a FASB board member who will become chairman on July 1 after Seidman’s
GASB provides guidance for nonexchange guarantees
GASB on Monday approved a new standard designed to help state and local governments report on nonexchange financial guarantees they have offered, and to help governments properly report on guarantees they have received on their obligations. GASB Statement No. 70, Accounting and Financial Reporting for Nonexchange Financial Guarantees, spells out
New FASB rules standardize liquidation reporting
A new FASB standard released Monday provides guidance for organizations on when and how to prepare financial statements using the liquidation basis of accounting. Accounting Standards Update (ASU) 2013-07, Presentation of Financial Statements (Topic 205): Liquidation Basis of Accounting, describes how financial statements must be prepared by a company that
Integrated reporting takes a big step with international framework draft
The release of a highly anticipated proposed framework Tuesday heralded a new chapter in the evolution of corporate reporting. The International Integrated Reporting Council (IIRC) made public a framework consultation draft—a blueprint for how the group hopes businesses will communicate with stakeholders. Developed with input from business, investors, standard setters,
New FASB proposal would increase private companies’ options
Private companies would be able to choose and use only the GAAP exceptions or modifications that make sense for them in their financial reporting under a new proposal released Monday by FASB. FASB and the Private Company Council (PCC) issued an Invitation to Comment on the private company decision-making framework.
FASB lease proposal moves forward despite dissenting views
FASB decided Wednesday to move forward with a re-proposal on financial reporting for leases that will be converged with that of the International Accounting Standards Board (IASB). FASB Chairman Leslie Seidman cast the deciding vote in a 4–3 decision. Board members Tom Linsmeier, Marc Siegel, and R. Harold Schroeder dissented.
New SEC rules aim to prevent identity theft
The SEC on Wednesday adopted rules jointly with the Commodity Futures Trading Commission (CFTC) that require broker-dealers, mutual funds, investment advisers, and certain other entities regulated by the SEC to adopt programs to prevent identity theft. SEC Chairman Mary Jo White, who was sworn in Wednesday, cast a vote in
Senate confirms ex-prosecutor White as SEC chairman
The Senate on Monday confirmed the nomination of Mary Jo White as chairman of the SEC. White, a former prosecutor who was the first woman to hold the venerated position of U.S. attorney for the Southern District of New York, brings a pedigree that could raise the SEC’s reputation for
Iowa’s auditor of state, David Vaudt, named GASB chairman
David Vaudt, who has been Iowa’s state auditor since January 2003, has been named GASB’s new chairman. Vaudt, 59, will take his post on July 1 following the retirement of current chairman Robert Attmore. In Vaudt’s current position, he is responsible for auditing Iowa’s comprehensive annual financial report and single
Proposal seeks proper ingredients in federal financial reporting
New standards proposed by the Federal Accounting Standards Advisory Board (FASAB) are designed to make sure the appropriate agencies and organizations are included in the federal government’s financial reporting. Under the proposed standards, the governmentwide general purpose federal financial report (GPFFR) would include organizations that are: Budgeted for by elected
SEC describes how social media can be used to distribute company info
U.S. public companies can use social media to make company announcements as long as they inform investors of the channels they will use to distribute the information, according to a new pronouncement by the SEC. The SEC on Tuesday released a report that makes it clear that companies can use
New FASB discontinued operations proposal aims for relevance
Investors told FASB that current GAAP calls too often for disposals of assets to be presented as discontinued operations. FASB has responded to those concerns by issuing a proposal that would redefine “discontinued operation” in such a way that discontinued operations disclosures would be required only for disposals that are
Financial reporting
The Private Company Council (PCC) is forging ahead with more in-depth analysis of three of the four issues it initially identified as candidates for possible GAAP exceptions or modifications for private companies. During the newly created PCC’s second meeting, the council added the three items to its agenda for
Financial reporting / International
The IFRS Foundation’s departure from requirements initially proposed in November could clear the way for FASB membership in a new global forum of national and regional standard setters. Promoting IFRS adoption will not be a prerequisite for standard setters to participate in a new forum the IFRS Foundation is
FASB provides more time to compare credit loss proposals
FASB on Thursday voted to extend to May 31 the deadline for comments on its Proposed Accounting Standards Update (ASU), Financial Instruments—Credit Losses (Subtopic 825-15). The comment period originally was scheduled to end April 30. In comment letters, a handful of organizations asked FASB to extend the comment period to
IASB proposes simplified accounting for certain defined benefit contributions
An International Accounting Standards Board (IASB) proposal published Monday is designed to simplify certain aspects of accounting for contributions to defined benefit plans under IAS 19, Employee Benefits. The proposed amendments were created in response to concerns about the complexity of applying requirements related to accounting for contributions from employees
FASB gives more detail on expected credit loss proposal
FASB is providing additional explanation of a proposal in one of its most challenging projects. A 16-page FAQ document posted on FASB’s website Monday is designed to educate those interested in the standard the board is developing on expected credit losses in its financial instruments project. The Proposed Accounting Standards
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